IFAC defines member bodies' obligations on IFRS
13 Apr 2004
The Board of the International Federation of Accountants (IFAC) has approved seven Statements of Membership Obligations (SMOs) designed to assist and direct IFAC's 158 member organisations and potential members in ensuring high quality performance by professional accountants.
The SMOs will be presented to IFAC's Council for ratification in November. Proposed effective date is 31 December 2004. SMO No. 7 International Financial Reporting Standards requires IFAC's member organisations to (among other things):
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